CIA Working on Various Crypto-Focused Projects, Director Confirms – Regulation Bitcoin News

The director of the U.S. Central Intelligence Agency (CIA) has revealed that the agency is working on a number of cryptocurrency-focused projects. Cryptocurrencies “could have enormous impact on everything from ransomware attacks,” he said.

CIA Have Been Working On Various Crypto Projects

CIA Director William Burns revealed Monday at the Wall Street Journal’s CEO Summit that the agency is working on “a number of different projects focused on cryptocurrency.”

Burns answered a question by the audience member about whether or not the CIA has mastered cryptocurrencies.

It is something that I have inherited. It was something my predecessor did. [and]A number of projects focusing on cryptocurrency were initiated by him.

Burn elaborated that the agency is “trying to look at second- and third-order consequences as well and helping our colleagues in other parts of the U.S. government to provide solid intelligence on what we’re seeing as well.”

The CIA director explained that cryptocurrencies “could have enormous impact on everything from ransomware attacks … because one of the ways of getting at ransomware attacks and deterring them is to be able to get at the financial networks that so many of those criminal networks use and that gets right at the issue of digital currencies as well.”

Combating ransomware is a top priority for the U.S. government. In June, the Biden administration expanded “cryptocurrency analysis to find and pursue criminal transactions” as part of its strategy to combat ransomware.

In addition, the Department of the Treasury has taken actions against cryptocurrency exchanges “responsible for laundering ransoms” as part of the whole-of-government effort to counter ransomware. One exchange was sanctioned by the Department of Treasury in September and one in November.

How do you feel about the CIA’s involvement in a variety of crypto-related projects? Comment below to let us know your thoughts.

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